Chapter 1 Quiz - Chapter 1 Quiz 1 What is the primary purpose of financial accounting a Determine the amount of tax liability owed to the government b

Chapter 1 Quiz - Chapter 1 Quiz 1 What is the primary...

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Chapter 1 Quiz1. What is the primary purpose of financial accounting?a.Determine the amount of tax liability owed to the governmentb.Communicate business transactions to internal managementc.Measure business transactions and communicate those measures to external users to make decisionsd.Measure the profitability of the company in order to assist employees with making decisions2. Which of the following groups is not among the external users for whom financial statements are prepared?3. The accounting equation is defined as4. The form of business organization that is legally separate from its owners is a:

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